ANNUAL REPORT
17/18
CORPORATE DIRECTORY
CURRENT DIRECTORS
SOLICITORS
Kevin Moriarty – Executive Chairman
Robert Shepherd – Non Executive Director
Dana Larson – Non Executive Director
HWL Ebsworth Lawyers
Level 21, 91 King William Street
Adelaide SA 5000
COMPANY SECRETARY
Richard Willson
REGISTERED OFFICE &
PRINCIPAL PLACE OF BUSINESS
1414 Degrees Limited
Level 4, 81 Flinders Street
Adelaide SA 5000
Telephone: +61 8 8357 8273
PATENT & TRADE MARK ATTORNEYS
Madderns
Level 4, 19 Gouger Street
Adelaide SA 5000
AUDITOR
BDO Advisory (SA) Pty Ltd
Level 7, 420 King William Street
Adelaide SA 5000
SHARE REGISTRY
STOCK EXCHANGE
Computershare Investor Services Pty Limited
Level 5, 115 Grenfell Street
Adelaide SA 5000
Telephone: +61 3 9415 4000
Website: www.computershare.com.au
1414 Degrees Limited shares are quoted
on the Australian Securities Exchange (ASX:14D)
WEBSITE
www.1414degrees.com.au
Your company’s technology
continues to attract interest
across the spectrum of
energy users and utilities.
This interest is evident
worldwide, and your team
is engaging with prospective
customers to identify the
fastest path to profit.
DEAR SHAREHOLDERS,I am pleased to report major growth for your company during the 2017-18 year. There has been a major effort by your corporate team to prepare for the successful IPO that closed in August, providing funding to advance our key projects.Your company’s technology continues to attract interest across the spectrum of energy users and utilities. This interest is evident worldwide, and your team is engaging with prospective customers to identify the fastest path to profit. We are confident of the GAS-TESS outlook in wastewater treatment, and are engaging with the waste management industry to capture energy from flared methane gas.We continue to engage with energy utilities and companies for a site on which to build and test our 200 MWh TESS. Sites under evaluation range from Australia to the United States and United Kingdom. Our plan is to build a test cell then a 200 MWh module with potential expansion to a multi module facility up to 1 GWh. Our TESS-IND is continuing through commissioning cycles following successful early stages that showed the turbine could be run on hot air from the energy store at much lower temperatures than expected. This will result in greater energy recovery with longer periods of electricity generation. We hope to demonstrate this to shareholders at the AGM that is to be held in our Lonsdale facility. I’m sure this will be a very interesting event for all shareholders that are able to attend.As a start-up company, your team has evolved from various stakeholders including consultants, shareholders and casual staff, to employing 18 permanent team members over the year. The main component is our competent team of engineers; however, the corporate group is expanding to drive the board’s vision for the business. I would like to thank our long-standing shareholders for your continued support and welcome our many new shareholders. The funding provided will support the advancement of our technology, aiming to make it simpler and lower in cost to manufacture and operate, as well as increase our business development efforts globally. I look forward to sharing further exciting announcements about our game changing technology and global opportunities over the coming year.Yours sincerely,DR KEVIN MORIARTY EXECUTIVE CHAIRMANChairman’s Letter to ShareholdersDr Kevin Moriarty Executive Chairman1414 DEGREES LIMITED | ANNUAL REPORT 17/18 1414 DEGREES LIMITED | ANNUAL REPORT 17/ 18
Notes:
1414 DEGREES LIMITED
ACN 138 803 620
ANNUAL REPORT
FOR THE YEAR ENDED
30 JUNE 2018
1414 DEGREES LIMITED
ACN 138 803 620
ANNUAL REPORT
FOR THE YEAR ENDED 30 JUNE 2018
CONTENTS
Directors' Report
Statement of Profit or Loss and Other Comprehensive Income
Statement of Financial Position
Statement of Cash Flows
Statement of Changes in Equity
Notes to the Financial Statements
Directors' Declaration
Independent Auditor's Report
Page
1
3
4
5
6
7
16
17
1414 DEGREES LIMITED
ACN 138 803 620
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2018
Page 1
The directors of 1414 Degrees Limited present their report on the company for the financial year ended 30 June 2018.
DIRECTORS
The following persons were directors of 1414 Degrees Limited during the whole of the financial year and up to the date of this report, unless otherwise
stated:
Kevin Charles Moriarty - Chairman
Robert John Keith Shepherd
Matthew Johnson (resigned 4 April 2018)
Dana Larson (appointed 18 October 2017)
Jeremy James Moore (resigned 14 October 2017)
COMPANY SECRETARY
Richard Willson (appointed 14 October 2017)
Pierre Andre Van Der Merwe (resigned 13 October 2017)
PRINCIPAL ACTIVITIES
1414 Degrees Limited makes versatile Thermal Energy Storage Systems (TESS) that utilise the very high energy density of molten silicon to maximise
efficiency and provide scalability, low cost, long life and flexible placement. The Company's TESS are designed to provide reliable, on-call heat and
electricity from intermittent renewable energy sources including gas or electricity.
DIVIDENDS
No dividends have been paid during or since the financial year ended 30 June 2018.
REVIEW OF OPERATIONS
A summary of economic revenues and results is set out below:
The company's operating loss after income tax expense for the year ended 30 June 2018 was $5,484,860 (2017: loss $954,355).
During the year the company capitalised $5,161,873 (2017: $1,011,122) in the Development of its thermal energy storage system (TESS) and
received a further $1,461,070 (2017: $60,000) relating to the Accelerating Commercialisation grant agreement. During the year this grant was fully
applied to the capitalised development costs. The company also claimed R&D income tax incentive of $2,313,591 (2017: $459,748). In 2018 this amount
was also applied to capitalised development costs.
SIGNIFICANT CHANGES IN STATE OF AFFAIRS
In the twelve month period ending 30 June 2018 the company issued 36,107,973 shares raising $5,847,854.
MATTERS SUBSEQUENT TO THE END OF THE FINANCIAL YEAR
In the period following the end of the Financial Year the Company closed its IPO raising $16.3 million. It is expected that the Company will be quoted on the
ASX in early September 2018.
Subsequent to 30 June 2018 the Company entered into a Loan Agreement and General Security Deed in relation to a R&D Loan Facility to assist the Company
to meet its short term working capital requirements pending completion of the Initial Public Offer. Under the Loan Facility, the Company may borrow from
the Lender up to $1,600,000, being 80% of the Company's estimated FY17/18 research and development tax rebate from the Australian Taxation Office. At
the date of authorisation of these financial statements $1.3 million is drawn under the Loan Facility.
ENVIRONMENTAL REGULATION
The company is not subject to significant environmental regulations and is not aware of any breaches of any environmental regulations during the year.
MEETINGS OF DIRECTORS
The number of meetings of the board of directors (including board committees) held during the year ended 30 June 2018, and the number of meetings
attended by each director are set out below:
Directors
Board
Committee
Held
Attended
Held
Attended
Kevin Moriarty
Robert Shepherd
Matthew Johnson (resigned 4 April 2018)
Dana Larson (appointed 18 October 2017)
Jeremy Moore (resigned 14 October 2017)
18
18
13
9
7
17
18
13
8
7
0
0
0
0
0
0
0
0
0
0
1414 DEGREES LIMITED
ACN 138 803 620
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2018
Page 2
INDEMNIFICATION OF OFFICERS AND AUDITORS
No indemnities have been given or insurance premiums paid, during or since the end of the financial year, for any person who is or has been an officer or
auditor of 1414 Degrees Limited.
DIRECTORS & OFFICERS INSURANCE
To the extent permitted by law, the Company has indemnified (fully insured) each director and the secretary of the Company for a premium of $16,930. The
liabilities insured include costs and expenses that may be incurred in defending civil or criminal proceedings (that may be brought) against the
officers in their capacity as officers of the Company or a related body, and any other payments arising from liabilities incurred by the officers in connection
with such proceedings, other than where such liabilities arise out of conduct involving a wilful breach of duty by the officers or the improper use by the
officers of their position or of information to gain advantage for themselves or someone else or to cause detriment to the Company.
PROCEEDINGS ON BEHALF OF THE COMPANY
No person has applied to the Court under section 237 of the Corporations Act 2001 for leave to bring proceedings on behalf of the company, or to intervene
in any proceedings to which a company member is a party, for the purpose of taking responsibility on behalf of the company member for all or part of those
proceedings.
No proceedings have been brought or intervened in on behalf of the company with leave of the Court under section 237 of the Corporations Act 2001 .
This report is made in accordance with a resolution of directors.
Kevin Moriarty
Adelaide, this 3rd day of September 2018
1414 DEGREES LIMITED
ACN 138 803 620
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2018
Note
4
5
5
7
Revenue
Administration and Professional Expenses
Occupancy Expenses
Marketing Expenses
Depreciation and Amortisation
Employee Benefits Expense
Share Based Payments
Directors Fees
Other Expenses
Finance Costs
Profit / (Loss) before income tax
Income tax benefit / (expense)
Profit / (Loss) for the year
Other comprehensive income for the year
Items that will be reclassified subsequently to profit or loss:
Total comprehensive income for the year
Page 3
2018
AU$
2017
AU$
63,387
2,745
793,753
461,774
165,142
24,533
1,311,411
2,173,765
79,575
538,294
-
316,529
17,208
157,873
-
-
386,007
-
79,483
-
(5,484,860)
-
(954,355)
-
(5,484,860)
(954,355)
-
-
-
-
(5,484,860)
(954,355)
The above statement of profit or loss and other comprehensive income should be read in conjunction with the accompanying notes.
1414 DEGREES LIMITED
ACN 138 803 620
STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2018
Note
8
9
10
11
12
13
14
15
Page 4
2018
AU$
2017
AU$
928,242
2,480,610
406,015
1,608,005
483,226
-
3,814,867
2,091,231
139,614
2,174,579
2,314,193
-
787,367
787,367
6,129,060
2,878,598
1,115,303
63,505
1,178,808
465,105
-
465,105
1,178,808
465,105
4,950,252
2,413,493
12,954,139
19,772
(8,023,659)
5,066,285
386,007
(3,038,799)
4,950,252
2,413,493
ASSETS
Current assets
Cash and cash equivalents
Trade and other receivables
Other current assets
Total current assets
Non-current assets
Property, plant and equipment
Intangible Assets
Total non-current assets
Total assets
LIABILITIES
Current liabilities
Trade and other payables
Provision for employee benefits
Total current liabilities
Total liabilities
Net assets
EQUITY
Contributed equity
Share Based Payments Reserve
Accumulated losses
Total equity
The above statement of financial position should be read in conjunction with the accompanying notes.
1414 DEGREES LIMITED
ACN 138 803 620
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2018
Page 5
Note
2018
AU$
2017
AU$
Cash flows from operating activities
Cash received from customers (incl GST)
Cash paid to suppliers and employees (inc GST)
Research & Development tax offset received
Government grants received
Interest received
Net cash inflow/(outflow) from operating activities
16
Cash flows from investing activities
Purchase of property, plant and equipment
Payments for product development activities
Net cash inflow/(outflow) from investing activities
Cash flows from financing activities
Proceeds from call on convertible notes
Proceeds from the issue of shares
Payment of share issue costs
Net cash inflow/(outflow) from financing activities
Net increase/(decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period
8
51,257
(4,044,297)
459,748
2,322,405
9,290
-
(406,228)
100,100
60,000
2,745
(1,201,597)
(243,383)
(164,146)
(5,161,873)
-
(1,064,264)
(5,326,019)
(1,064,264)
-
5,860,454
(12,600)
125,027
2,776,620
-
5,847,854
2,901,647
(679,762)
1,608,005
1,594,000
14,005
928,243
1,608,005
The above statement of cash flows should be read in conjunction with the accompanying notes.
1414 DEGREES LIMITED
ACN 138 803 620
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2018
Page 6
At 1 July 2016
Loss for the year
Total comprehensive income for the year
Transactions with owners in their capacity as
owners
Amortised cost of share based payments
Conversion of convertible notes
Contributions of equity net of transaction costs
At 30 June 2017
Loss for the year
Total comprehensive income for the year
Transactions with owners in their capacity as
owners
Share Based Payments - shares granted and issued in the year
Share Based Payments - annual expense for pre-existing arrangements
Share Based Payment - cancellation without replacement
Share Based Payment - cancellation with replacement shares
Contributions of equity net of transaction costs
Share Based
Payments
Reserve
Contributed
equity
$
Accumulated
Losses
$
Total equity
$
2,217,780
(2,084,444)
133,336
-
-
(954,355)
(954,355)
-
(954,355)
(954,355)
386,007
-
71,885
2,776,620
2,848,505
386,007
386,007
71,885
2,776,620
3,234,512
-
-
5,066,285
386,007
(3,038,799)
2,413,493
-
-
(5,484,860)
(5,484,860)
(5,484,860)
(5,484,860)
90,000
1,950,000
5,847,854
8,402
(116,541)
(258,096)
90,000
8,402
383,459
1,691,904
5,847,854
500,000
-
7,887,854
(366,235)
500,000
8,021,619
At 30 June 2018
12,954,139
19,772
(8,023,659)
4,950,252
The above statement of changes in equity should be read in conjunction with the accompanying notes.
1414 DEGREES LIMITED
ACN 138 803 620
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
Page 7
NOTE 1
CORPORATE INFORMATION
The financial statements of 1414 Degrees Limited for the year ended 30 June 2018 were authorised for issue in accordance with a resolution of the directors
on 28 August 2018 and cover the company as required by Australian Accounting Standards.
The financial statements are presented in the Australian currency.
1414 Degrees Limited is a company limited by shares incorporated and domiciled in Australia.
The address of the company's registered office and principal place of business is Level 4, 81 Flinders Street, Adelaide SA 5000.
NOTE 2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a) Basis of Preparation
These financial statements are general purpose financial statements prepared in accordance with Australian Accounting Standards, Australian
Interpretations and other authoritative pronouncements of the Australian Accounting Standards Board. The company is a for-profit company for financial
reporting purposes under Australian Accounting Standards.
Australian Accounting Standards set out accounting policies that the AASB has concluded would result in a financial report containing relevant and reliable
information about transactions, events and conditions. Compliance with Australian Accounting Standards ensures that the financial statements and notes
also comply with International Financial Reporting Standards.
The financial statements have been prepared on an accruals basis and are based on historical costs modified by the revaluation of selected non-current
assets, financial assets and financial liabilities for which the fair value basis of accounting has been applied. Amounts have been rounded to whole dollars.
The company made a loss of $5,484,860 for the year ended 30 June 2018 but had net current assets of $2,636,060 as at that date. The directors believe
the company has sufficient cash and cash equivalents, together with the following activities, to meet planned expenditure of the company.
In the period following the end of the Financial Year the Company closed its IPO raising $16.3 million.
It is expected that the Company will be quoted on the ASX from early in September 2018.
The following significant accounting policies have been adopted in the preparation and presentation of the financial statements.
The accounting policies have been consistently applied, unless otherwise stated.
(b) Revenue Recognition
Revenue is measured at the fair value of the consideration received or receivable after taking into account any trade discounts and volume rebates allowed.
All revenue is stated net of the amount of goods and services tax (GST).
Grant revenue
Grants from the government are recognised at their fair value where there is reasonable assurance that the grant will be received and the company will
comply with all the attached conditions. Government grants relating to costs are deferred and recognised in profit or loss over the period necessary to
match them with the costs that they are intended to compensate. Government grants relating to intangible assets are deducted from the cost of the asset.
Interest
Interest revenue is recognised as interest accrues using the effective interest method. The effective interest method uses the effective interest rate which is
the rate that exactly discounts the estimated future cash receipts over the expected life of the financial asset.
(c) Goods and Services Tax (GST)
Revenues and expenses are recognised net of GST except where GST incurred on a purchase of goods and services is not recoverable from the taxation
authority, in which case the GST is recognised as part of the cost of acquisition of the asset or as part of the expense item.
Receivables and payables are stated with the amount of GST included. The net amount of GST recoverable from, or payable to, the taxation authority is
included as part of receivables or payables in the statement of financial position.
Cash flows are included in the statement of cash flows on a gross basis and the GST component of cash flows arising from investing and financing activities,
which is recoverable from, or payable to, the taxation authority are classified as operating cash flows.
Commitments and contingencies are disclosed net of the amount of GST recoverable from, or payable to, the taxation authority.
1414 DEGREES LIMITED
ACN 138 803 620
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
Page 8
NOTE 2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(d) Income Tax
The income tax expense for the period is the tax payable on the current period's taxable income based on the national income tax rate adjusted by changes
in deferred tax assets and liabilities attributable to temporary differences between the tax base of assets and liabilities and their carrying amounts in the
financial statements, and to unused tax losses.
Deferred tax assets and liabilities are recognised for all temporary differences, between carrying amounts of assets and liabilities for financial reporting
purposes and their respective tax bases, at the tax rates expected to apply when the assets are recovered or liabilities settled. Exceptions are made for
certain temporary differences arising on initial recognition of an asset or a liability if they arose in a transaction, other than a business combination, that at
the time of the transaction did not affect either accounting profit or taxable profit.
Deferred tax assets are only recognised for deductible temporary differences and unused tax losses if it is probable that future taxable amounts will be
available to utilise those temporary differences and losses.
Current and deferred tax balances relating to amounts recognised directly in other comprehensive income are also recognised in other comprehensive
income.
(e) Impairment of Assets
At the end of each reporting period, the company assesses whether there is any indication that individual assets are impaired. Where impairment indicators
exist, recoverable amount is determined and impairment losses are recognised in profit or loss where the asset's carrying value exceeds its recoverable
amount. Recoverable amount is the higher of an asset's fair value less costs to sell and value in use. For the purpose of assessing value in use, the estimated
future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money
and the risks specific to the asset.
Where it is not possible to estimate recoverable amount for an individual asset, recoverable amount is determined for the cash-generating unit to which the
asset belongs.
(f) Cash and Cash Equivalents
For the purposes of the Statement of Cash Flows, cash and cash equivalents includes cash on hand and at bank, deposits held at call with financial
institutions, other short term, highly liquid investments with maturities of three months or less, that are readily convertible to known amounts of cash and
which are subject to an insignificant risk of changes in value and bank overdrafts.
(g) Intangible Assets
Product Development
Expenditure during the research phase of a project is recognised as an expense when incurred. Development costs are capitalised only when technical
feasibility studies identify that the project will deliver future economic benefits and these benefits can be measured reliably. Expenditure capitalised
comprises costs of materials and services. The carrying value of development costs is reviewed annually when the asset is not yet available for use, or when
events or circumstances indicate that the carrying value may be impaired. As the asset is not yet available for use, the useful life has not yet been
determined.
(h) Leases
Leases of property, plant and equipment where the company has substantially all the risks and rewards of ownership are classified as finance leases and
capitalised at inception of the lease at the fair value of the leased property, or if lower, at the present value of the minimum lease payments. Lease
payments are apportioned between the finance charges and reduction of the lease liability so as to achieve a constant rate of interest on the remaining
balance of the liability. Finance charges are charged to profit or loss over the lease period so as to produce a constant periodic rate of interest on the
remaining balance of the liability for each period.
Leases where the lessor retains substantially all the risks and rewards of ownership of the net asset are classified as operating leases. Payments made under
operating leases (net of incentives received from the lessor) are charged to profit or loss on a straight-line basis over the period of the lease.
Lease income from operating leases is recognised in profit or loss on a straight-line basis over the lease term.
(i) Trade and Other Payables
Trade and other payables represent liabilities for goods and services provided to the company prior to the year end and which are unpaid. These amounts
are unsecured and are usually paid within 30 days of recognition.
All trade and other payables are non interest bearing.
1414 DEGREES LIMITED
ACN 138 803 620
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
Page 9
NOTE 2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(j) Equity Settled Compensation
The Company provides benefits and incentives to employees and key contractors of the Company in the form of share-based payments, whereby employees
and key contractors receive entitlements to shares.
The cost of equity-settled transactions is recognised as an expense in the statement of profit or loss and other comprehensive income, together with a
corresponding increase in the share based payments reserve. However, where the entitlement to shares have milestones and vesting terms attached, the
cost of the transaction is amortised over the vesting period
(k) Contributed Equity
Ordinary shares are classified as equity.
Costs directly attributable to the issue of new shares or options are shown as a deduction from the equity proceeds, net of any income tax benefit.
(l) Financial Instruments
Recognition
Financial instruments, incorporating financial assets and financial liabilities, are recognised when the company becomes a party to the contractual
provisions of the instrument. Trade date accounting is adopted for financial assets that are delivered within timeframes established by marketplace
convention.
Financial instruments are initially measured at fair value plus transactions costs where the instrument is not classified as at fair value through profit or loss.
Transaction costs related to instruments classified as at fair value through profit or loss are expensed to profit or loss immediately. Financial instruments
are classified and measured as set out below.
Classification and Subsequent Measurement
(i) Loans and Receivables
Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are subsequently
measured at amortised cost using the effective interest rate method.
(ii) Available-for-sale Financial Assets
Available-for-sale financial assets are non-derivative financial assets that are either designated as such or that are not classified in any of the other
categories. They comprise investments in the equity of other entities where there is neither a fixed maturity nor fixed or determinable payments.
(iii) Financial Liabilities
The company's financial liabilities are borrowings and compound instruments (convertible notes).
Non-derivative financial liabilities (borrowings, excluding financial guarantees) are subsequently measured at amortised cost using the effective interest rate
method.
The component part of the convertible notes issued by the company are classified separately as financial liabilities and equity in accordance with the
substance of the contractual arrangements and the definitions of a financial liability and an equity instrument.
Conversion options that will be settled by the exchange of a fixed amount of the company's own equity instruments under an option by the holders is an
equity instrument, and if under an option by the company is a liability instrument. The conversion option classified as a liability instrument's value is
estimated at fair value on issue.
The liability component is determined by calculating the outflow of money required to repay the convertible notes in full. The liability is recognised until
extinguished upon conversion or at the instrument's maturity date. The equity component of the convertible note is determined by deducting the liability
component from the face value of the convertible note. Each component shall be classified separately as financial liability or equity instruments in
accordance with AASB 132.
Where the convertible note includes a discount on conversion, the maximum costs of the discount is calculated based on the face value of the convertible
note at inception. The cost is then accrued as additional interest applied using the effective interest method. In the event of the repayment, cancellation or
amendment to the convertible note, any additional interest accrued will be reversed in the statement of profit or loss and other comprehensive income.
1414 DEGREES LIMITED
ACN 138 803 620
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
Page 10
NOTE 2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued)
(m) Accounting Standards Issued But Not Yet Effective
Certain new accounting standards and interpretations have been published that are not mandatory for reporting periods ending 30 June 2017.
At the date of authorisation of the financial statements, the Standards and Interpretations listed below were in issue but not yet effective or adopted.
Standards and Interpretations in issue not yet adopted
AASB 9 ‘Financial Instruments’
AAASB 15 ‘Revenue from Contracts with Customers’
AASB 16 'Leases'
The company is not able to reasonably estimate the potential impact of AASB 15 as it has not entered into transactions covered by these standards. AASB 9
is not expected to have a material impact based on the transactions presently entered into by the company.
Expected to be initially
30-Jun-19
30-Jun-19
30-Jun-20
Effective for annual
1-Jan-18
1-Jan-18
1-Jan-19
AASB 16 will see the company record a right of use asset and corresponding lease liability for its property leases. Lease payments will no longer be
expensed, instead they are replaced by amortisation of the asset and interest in relation to the lease liability. It is not expected that the impact will be
material.
(n) Application of new and revised Accounting Standards
The company has adopted all of the new, revised or amending Accounting Standards and Interpretations issued by the Australian Accounting Standards Board
('AASB') that are mandatory for the current reporting period.
The adoption of these Accounting Standards and Interpretations did not have any significant impact on the financial performance or position of the
NOTE 3
ACCOUNTING ESTIMATES AND JUDGEMENTS
The directors evaluate estimates and judgments incorporated into the financial statements based on historical knowledge and best available current
information. Estimates assume a reasonable expectation of future events and are based on current trends and economic data, obtained both externally and
within the company.
Key Estimates - Impairment
The company assesses impairment at the end of each reporting period by evaluating conditions and events specific to the company that may be indicative of
impairment triggers. Recoverable amounts of relevant assets are reassessed using value-in-use calculations which incorporate various key assumptions.
With respect to cash flow projections for intangible assets with an indefinite useful life and those with a finite useful life but not yet considered ready for
use, relevant inputs have been factored into valuation models for the next 5 years on the basis of management’s expectations regarding the growth of the
market and the company’s ability to capture market share. Pre-tax discount rates of 5% have been used in all models.
No impairment has been recognised in respect of intangible assets at the end of the reporting period.
Key Judgements - Product Development
Included within intangible assets at the end of the reporting period is Product Development with a net carrying value of $2,174,579 (2017: $787,367) being
the carrying value of the Product Development intangible asset of $6,949,088 (2017: $1,787,215) less the associated Government Grant funding of
$1,901,070 (2017: $440,000) and the R&D refundable tax offsets received of $2,873,439 (2017: $559,848). The directors believe that while the development
and commercialisation of the technology remains in-progress and the asset is not yet generating economic benefits (beyond customer trials), it is not
considered ready for use. A reliable estimate for the useful life of the asset will only be capable of being determined once the asset is assessed as ready for
use, after which point, amortisation will commence.
OTHER INCOME
NOTE 4
Interest Received
Rent & Office Recoveries
Provision of services
NOTE 5
Profit(loss) before income tax includes the following specific expenses:
EXPENSES
Depreciation expense
Furniture and fixtures
Office equipment
Share based payment expense
Shares issued during the period - new arrangements
Amortisation of pre-existing agreements still on hand at respective balance date
Expense of cancelling pre-existing arrangement and issuing replacement shares (refer Note 14)
Expense of cancelling pre-existing arrangement without replacement (refer Note 14)
2018
AU$
2017
AU$
9,290
39,097
15,000
63,387
2,745
-
-
2,745
13,145
11,387
24,533
-
-
-
90,000
8,042
1,691,904
383,459
2,173,405
-
386,007
-
-
386,007
1414 DEGREES LIMITED
ACN 138 803 620
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
AUDITORS' REMUNERATION
NOTE 6
Audit services
Amounts paid/payable to BDO for audit or review of the financial statements of the company
Amounts paid/payable to a related practice of the auditor for corporate finance services
NOTE 7
Income Tax expense/(benefit) comprises:
INCOME TAX EXPENSE
Current tax expense
Current tax expense/(benefit)
Adjustments for previous years
Total current income tax expense
Deferred tax expense
Origination and reversal of temporary differences
Total income tax expense/(benefit) in profit or loss
The prima facie income tax expense on pre-tax accounting profit from operations reconciles to the income tax
expense/(benefit) in the financial statements as follows:
Profit/(Loss) from operations before tax
Income tax calculated at 30%
Tax effect of amounts which are not deductible (taxable) in calculating taxable income
Non-deductible expenses
Assessable income not included in profit/loss
Other reconciling items
Timing differences on deferred tax assets not recognised
Tax losses not recognised
The amount of gross tax losses relating to Australian operations that are carried forward is $2,910,634 (2017: $1,018,067).
NOTE 8
CASH AND CASH EQUIVALENTS
Cash at bank
Page 11
2018
AU$
2017
AU$
19,413
27,000
46,413
9,000
-
9,000
-
-
-
-
-
-
-
-
-
-
-
-
(5,484,860)
(954,355)
(1,645,458)
(286,307)
653,896
438,821
(34,081)
19,052
567,770
-
115,802
18,000
24,250
-
128,255
-
928,242
1,608,005
928,242
1,608,005
An amount of $210,850 included as cash has been set aside to support a bank guarantee issued to the landlord of the rented premises.
NOTE 9
TRADE AND OTHER RECEIVABLES
Trade receivables
R&D refundable tax offset
Other receivables
NOTE 10
TRADE AND OTHER RECEIVABLES
Prepayments
8,250
2,313,591
158,769
2,480,610
-
459,748
23,478
483,226
406,015
406,015
-
-
1414 DEGREES LIMITED
ACN 138 803 620
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
PROPERTY, PLANT AND EQUIPMENT
NOTE 11
Plant and equipment
At cost
Accumulated depreciation
Reconciliation of Plant and equipment
Balance at the beginning of the year
Additions
Disposals
Depreciation expense
Closing carrying value
Total Property, Plant and Equipment
INTANGIBLE ASSETS
NOTE 12
Product Development - Intellectual Property
Intangible assets under development - at cost
Government Grants received
R&D Refundable Tax Offset received
Reconciliation of Product Development - Intellectual Property
Balance at the beginning of the year
Additions
Government Grants received
R&D Refundable Tax Offset received
Closing carrying value
Total Intangible Assets
Intellectual property consists of TESS (thermal energy storage system) development of bulk energy storage solutions.
No amortisation or impairment has been recognised as the intellectual property is not available for use as at 30 June 2018.
The government grant relates to accelerating the commercialisation of the company's intellectual property.
Page 12
2018
AU$
2017
AU$
164,146
(24,533)
139,614
-
164,146
-
(24,533)
139,614
139,614
-
-
-
-
-
-
-
-
-
6,949,088
(1,901,070)
(2,873,439)
2,174,579
787,367
5,161,873
(1,461,070)
(2,313,591)
2,174,579
1,787,215
(440,000)
(559,848)
787,367
295,993
1,011,122
(60,000)
(459,748)
787,367
2,174,579
787,367
1,015,540
99,763
1,115,303
465,105
-
465,105
TRADE AND OTHER PAYABLES
NOTE 13
CURRENT
Trade and other payables
Other payables and accruals
NOTE 14
CONTRIBUTED EQUITY
Share capital
Ordinary shares - authorised, issued and fully paid opening balance
Shares issued
Share split 18:1
Conversion of loans
Share based payment
Costs of issue
Ordinary shares - authorised, issued and fully paid closing balance
2018
2018
2017
2017
No. of Shares
AU$
No. of Shares
AU$
86,000,973
36,107,973
-
-
4,200,000
-
126,308,946
5,066,285
5,954,954
-
-
2,040,000
(107,100)
12,954,139
2,217,780
44,828,000
37,659,964
1,295,229
-
-
86,000,973
2,217,780
2,776,620
-
71,885
-
-
5,066,285
Ordinary shareholders are entitled to participate in dividends and the proceeds on winding up of the company in proportion to the number of and amounts
paid on the shares held. Every ordinary shareholder present at a meeting in person or by proxy is entitled to one vote on a show of hands or by poll.
Ordinary shares have no par value.
1414 DEGREES LIMITED
ACN 138 803 620
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
Page 13
NOTE 14
CONTRIBUTED EQUITY (continued)
Capital Management
Management controls the capital of the company in order to ensure that the company can fund its operations and continue as a going concern.
The company's debt and capital includes ordinary share capital and financial liabilities, supported by financial assets. There are no externally imposed
capital requirements.
Management effectively manages the company’s capital by assessing the company’s financial risks and adjusting its capital structure in response to changes
in these risks and in the market. There have been no changes in the strategy adopted by management to control the capital of the company since the prior
year and the objectives for managing capital have been met.
NOTE
15 SHARE BASED PAYMENTS RESERVE
Balance at the beginning of the year
Issued and amortised over vesting period during the year
Accelerated vesting during the year upon cancellation
Cancelled without replacement
Cancelled and replaced
2018
AU$
2017
AU$
386,007
-
8,402
386,007
383,459
(500,000)
(258,096)
-
-
-
19,772
386,007
On 24 October 2016, the company entered into agreements with key contractors to issue shares, subject to shareholder approval, for meeting certain
milestones. Separate share tranches would be issued for each of the following milestones
- certain specific performance target in relation to the contractors duties with the company (Milestone 1)
- first 3 months post listing with VWAP share price being 100% more than the issue price at the initial public offering (Milestone 2)
- completion of three years continuous service with the company (Milestone 3)
At measurement date the following rights to shares were granted;
Milestone 1
Milestone 2
Milestone 3
2018
No. of Shares
7,750,000
6,500,000
4,750,000
19,000,000
The weighted average fair value of these instruments at 24 October 2016 was 8.3c.
The fair value was measured based on the share price of the company's capital raisings around the time of the issue of these instruments. Where
performance conditions that are market conditions applied to the share issue, the fair value was further modified to take this performance condition into
account. No dividends were incorporated into the measurement of fair value.
At a meeting of the board of directors on 11 October 2017, it was resolved that the agreements noted above with Robert Riebolge, Jonathan Whalley, Pierre
van der Merwe and Nigel Gammon be cancelled with the consent of the parties. These agreements represent 13 million of the 19 million shares at grant
date. With effect from termination of these contracts, each party was released and discharged from all future obligations and liabilities to the other party
under these contracts. Each party received the following replacement ordinary shares:
Robert Riebolge (and/or nominee) received 800,000 shares
Jonathan Whalley (and/or nominee) received 1,200,000 shares
Pierre van der Merwe (and/or nominee) received 800,000 shares
Nigel Gammon (and/or nominee) received 800,000 shares
As a result of cancelling and replacing these shares, the company is required to accelerate the vesting and expense the incremental fair value of the original
shares at the date of cancellation. The fair value was 15c.
During the year, the Company cancelled 5 million performance rights issued under a conditional offer of contract employment to Matthew Johnson. As a
result of cancelling without replacement, the company is required to accelerate the vesting and expense the original fair value at grant date.
1414 DEGREES LIMITED
ACN 138 803 620
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
NOTE 16
Reconciliation of profit after income tax to net cash flow from operating activities
CASH FLOW INFORMATION
Loss for the year
Non-cash flows in profit/(loss):
- Depreciation and Amortisation
- Share Based Payments
Change in operating assets and liabilities
- (increase)/decrease in trade and other receivables
- (increase)/decrease in other current assets
- (increase)/decrease in R&D tax claim receivable
- increase/(decrease) in government grant applied to intangible asset
- increase/(decrease) in R&D tax claim applied to intangible asset
- increase/(decrease) in trade and other payables
Net cash flow from operating activities
Non-cash financing activities
The company issued $94,500 worth of shares as compensation for assistance with capital raising.
CONTINGENCIES
NOTE 17
Contingent Liabilities
At 30 June 2018 those charged with governance of the company note that there are no known contingent liabilities (2017: nil).
Page 14
2018
AU$
2017
AU$
(5,484,860)
(954,355)
24,533
2,173,765
-
386,007
(143,541)
(406,015)
(1,853,843)
1,461,070
2,313,591
713,703
(1,201,597)
118,071
(359,648)
60,000
459,748
46,794
(243,383)
NOTE 18
(a)
RELATED PARTY
Related Party Transactions
Transactions between related parties are on normal commercial terms and conditions no more favourable than those available to other parties unless
otherwise stated.
Transactions with related parties:
i.
- ammjohn Pty Ltd, a company related to Matthew Johnson, charged contract engineering fees of $712,783 during the year and no balance
relating to these charges was outstanding at 30 June 2018.
ii.
iii.
- Merchant Accounting, a company related to Robert Shepherd, charged accounting fees of $8,000 during the year and no balance relating to
these charges was outstanding at 30 June 2018.
- Towarnie Geosciences, a company related to Kevin Moriarty, charged professional fees of $18,544 during the year and no balance relating to
these charges was outstanding at 30 June 2018
NOTE 19
KEY MANAGEMENT PERSONNEL COMPENSATION
The totals of remuneration paid to KMP of the company during the year are as follows:
Short-term employee benefits
Post-employment benefits
Other long term benefits
Share-based payments
Total KMP compensation
These amounts represent the company's employee benefits expense for the year.
2018
AU$
209,625
-
-
-
209,625
2017
AU$
125,000
-
-
370,527
495,527
1414 DEGREES LIMITED
ACN 138 803 620
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
Page 15
NOTE 20
The company's financial instruments consist mainly of deposits with banks, accounts receivable and payable and convertible notes.
FINANCIAL RISK MANAGEMENT
The totals for each category of financial instruments, measured in accordance with AASB 139 as detailed in the accounting policies to these financial
statements, are as follows:
Financial Assets
Cash and cash equivalents
Trade and other receivables
Total financial assets
Financial Liabilities
Financial Liabilities at amortised cost:
Trade and other payables
Total financial liabilities
Note
8
9
13
2018
AU$
2017
AU$
928,242
2,480,610
3,408,852
1,608,005
483,226
2,091,231
1,115,303
1,115,303
465,105
465,105
General objectives, policies and processes
In common with all other businesses, the company is exposed to risks that arise from its use of financial instruments. This note describes the company’s
objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these
risks is presented throughout these financial statements.
There have been no substantive changes in the company’s exposure to financial instrument risks, its objectives, policies and processes for managing those
risks or the methods used to measure them from previous periods unless otherwise stated in this note.
Market Risk
The company’s activities expose it primarily to the financial risks of changes in interest rates. The company analyses it’s risk by considering sensitivity on its
interest rate exposures and determining the potential impact on it’s effected expenses and revenue of movements in these rates. If the potential variance
is material then management may seek to minimise this exposure but it does not consider this to be the case at this time.
Credit Risk
Credit risk is the risk of financial loss to the company if a customer or counterparty to a financial instrument fails
to meet its contractual obligations.
The company does not have any material credit risk exposure to any single debtor or company of debtors under financial instruments
entered into by the company. Trade receivables represent the maximum exposure to credit risk, credit quality is considered good.
Liquidity Risk
Liquidity risk is the risk that the company will not be able to meet its financial obligations as they fall due.
The directors manage liquidity risk by monitoring forecast cash flows and ensuring that the company's
operations are adequate to meet liabilities due.
1414 DEGREES LIMITED
ACN 138 803 620
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2018
Page 16
NOTE 20
FINANCIAL RISK MANAGEMENT (continued)
Financial liability and financial asset maturity analysis
Within 1 year
1 to 5 years
Over 5 years
AU$
2018
AU$
2017
AU$
2018
AU$
2017
AU$
2018
AU$
2017
Total
AU$
2018
AU$
2017
Financial liabilities
due for settlement
Trade and other
payables
Total expected
outflows
Financial assets - cash
flows realisable
Cash and cash
equivalents
Trade and other
receivables
1,115,303
465,105
1,115,303
465,105
928,242
1,608,005
2,480,610
483,226
Total expected inflows
3,408,852
2,091,231
Sensitivity Analysis
Interest rate risk
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
1,115,303
465,105
1,115,303
465,105
928,242
1,608,005
2,480,610
483,226
3,408,852
2,091,231
At 30th June 2018 investment in Cash, Fixed Interest and Floating Interest rate deposits amounted to $928,242. A +/-1% change in interest rates during the
year ended 30th June 2019 will result in a +/- change in net interest income of $9,280.
At 30th June 2017 investment in Cash, Fixed Interest and Floating Interest rate deposits amounted to $1,608,005. A +/-1% change in interest rates during
the year ended 30th June 2018 will result in a +/- change in net interest income of $16,080.
Management has considered that both a positive and negative 1% variance is sufficient to illustrate the potential variations in interest income.
NOTE 21
COMMITMENTS
Operating lease commitments - minimum lease payment due:
Within 1 year
Greater than 1 year and not greater than 5 years
Greater than 5 years
398,571
322,741
-
241,900
474,232
-
721,312
716,132
Terms of lease arrangements
The Company has in place an operating underlease for its principal place of business which expires on 29/02/2020.
The Company has in place an operating lease for its industrial facilities which expires on 31/08/2020.
SUBSEQUENT EVENTS
NOTE 22
In the period following the end of the Financial Year the Company closed its IPO raising $16.3 million. It is expected that the Company will be quoted on the
ASX in early September 2018.
Subsequent to 30 June 2018 the Company entered into a Loan Agreement and General Security Deed in relation to a R&D Loan Facility to assist the Company
to meet its short term working capital requirements pending completion of the Initial Public Offer. Under the Loan Facility, the Company may borrow from
the Lender up to $1,600,000, being 80% of the Company's estimated FY17/18 research and development tax rebate from the Australian Taxation Office. At
the date of authorisation of these financial statements $1.3 million is drawn under the Loan Facility.
1414 DEGREES LIMITED
ACN 138 803 620
DIRECTORS' DECLARATION
Page 17
In accordance with a resolution of the directors of 1414 Degrees Limited, the directors of the company declare that:
1
2
3
The financial statements, comprising the statement of profit or loss and other comprehensive income, statement of financial position, statement of
cash flows, statement of changes in equity and accompanying notes are prepared in accordance with Australian Accounting Standards and present
fairly the company's financial position as at 30 June 2018 and its performance for the year ended on that date.
The company has included in the notes to the financial statements an explicit and unreserved statement of compliance with International Financial
Reporting Standards.
In the directors' opinion there are reasonable grounds to believe that the company will be able to pay its debts as and when they become due and
payable.
This declaration is made in accordance with a resolution of the Board of Directors and is signed for and on behalf of the directors by:
Kevin Moriarty
Chairman
Adelaide
Dated this 3rd day of September 2018
Tel: +61 8 7324 6000
Fax: +61 8 7324 6111
www.bdo.com.au
Level 7, BDO Centre
420 King William St
Adelaide SA 5000
GPO Box 2018, Adelaide SA 5001
AUSTRALIA
DECLARATION OF INDEPENDENCE
BY ANDREW TICKLE
TO THE DIRECTORS OF 1414 DEGREES LIMTIED
As lead auditor of 1414 Degrees Limited for the year ended 30 June 2018, I declare that, to the
best of my knowledge and belief, there have been:
1. No contraventions of the auditor independence requirements of the Corporations Act 2001 in
relation to the audit; and
2. No contraventions of any applicable code of professional conduct in relation to the audit.
Andrew Tickle
Director
BDO Audit (SA) Pty Ltd
Adelaide, 3 September 2018
BDO Audit (SA) Pty Ltd ABN 33 161 379 086 is a member of a national association of independent entities which are all members of BDO (Australia) Ltd ABN 77 050 110 275,
an Australian company limited by guarantee. BDO Audit (SA) Pty Ltd and BDO (Australia) Ltd are members of BDO International Ltd, a UK company limited by guarantee, and
form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation (other than for
the acts or omissions of financial services licensees).
Tel: +61 8 7324 6000
Fax: +61 8 7324 6111
www.bdo.com.au
Level 7, BDO Centre
420 King William St
Adelaide SA 5000
GPO Box 2018, Adelaide SA 5001
AUSTRALIA
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF 1414 DEGREES LIMITED
Report on the Audit of the Financial Report
Opinion
We have audited the financial report of 1414 Degrees Limited (the Company), which comprises
the statement of financial position as at 30June 2018, the statement of profit or loss and other
comprehensive income, the statement of changes in equity and the statement of cash flows for
the year then ended, and notes to the financial report, including a summary of significant
accounting policies, and the directors’ declaration.
In our opinion the accompanying financial report of 1414 Degrees Limited, is in accordance with
the Corporations Act 2001, including:
(i)
Giving a true and fair view of the Company’s financial position as at 30June 2018 and of its
financial performance for the year ended on that date; and
(ii)
Complying with Australian Accounting Standards and the Corporations Regulations 2001.
Basis for opinion
We conducted our audit in accordance with Australian Auditing Standards. Our responsibilities
under those standards are further described in the Auditor’s responsibilities for the audit of the
Financial Report section of our report. We are independent of the Company in accordance with
the Corporations Act 2001 and the ethical requirements of the Accounting Professional and
Ethical Standards Board’s APES 110 Code of Ethics for Professional Accountants (the Code) that
are relevant to our audit of the financial report in Australia. We have also fulfilled our other
ethical responsibilities in accordance with the Code.
We confirm that the independence declaration required by the Corporations Act 2001, which has
been given to the directors of the Company, would be in the same terms if given to the directors
as at the time of this auditor’s report.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.
Other information
The directors are responsible for the other information. The other information obtained at the
date of this auditor’s report is information included in the directors’ report, but does not include
the financial report and our auditor’s report thereon.
Our opinion on the financial report does not cover the other information and accordingly we do
not express any form of assurance conclusion thereon.
In connection with our audit of the financial report, our responsibility is to read the other
information and, in doing so, consider whether the other information is materially inconsistent
with the financial report or our knowledge obtained in the audit, or otherwise appears to be
materially misstated.
BDO Audit (SA) Pty Ltd ABN 33 161 379 086 is a member of a national association of independent entities which are all members of BDO (Australia) Ltd ABN 77 050 110 275,
an Australian company limited by guarantee. BDO Audit (SA) Pty Ltd and BDO (Australia) Ltd are members of BDO International Ltd, a UK company limited by guarantee, and
form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation (other than for
the acts or omissions of financial services licensees).
If, based on the work we have performed on the other information obtained prior to the date of
this auditor’s report, we conclude that there is a material misstatement of this other
information, we are required to report that fact. We have nothing to report in this regard.
Responsibilities of the directors for the Financial Report
The directors of the Company are responsible for the preparation of the financial report that
gives a true and fair view in accordance with Australian Accounting Standards and the
Corporations Act 2001 and for such internal control as the directors determine is necessary to
enable the preparation of the financial report that gives a true and fair view and is free from
material misstatement, whether due to fraud or error.
In preparing the financial report, the directors are responsible for assessing the Company’s
ability to continue as a going concern, disclosing, as applicable, matters related to going concern
and using the going concern basis of accounting unless the directors either intend to liquidate
the Company or to cease operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the Financial Report
Our objectives are to obtain reasonable assurance about whether the financial report as a whole
is free from material misstatement, whether due to fraud or error, and to issue an auditor’s
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a
guarantee that an audit conducted in accordance with the Australian Auditing Standards will
always detect a material misstatement when it exists. Misstatements can arise from fraud or
error and are considered material if, individually or in the aggregate, they could reasonably be
expected to influence the economic decisions of users taken on the basis of this financial report.
A further description of our responsibilities for the audit of the financial report is located at the
Auditing and Assurance Standards Board website (http://www.auasb.gov.au/Home.aspx) at:
http://www.auasb.gov.au/auditors_responsibilities/ar4.pdf
This description forms part of our auditor’s report.
BDO Audit (SA) Pty Ltd
Andrew Tickle
Director
Adelaide, 3 September 2018
BDO Audit (SA) Pty Ltd ABN 33 161 379 086 is a member of a national association of independent entities which are all members of BDO (Australia) Ltd ABN 77 050 110 275,
an Australian company limited by guarantee. BDO Audit (SA) Pty Ltd and BDO (Australia) Ltd are members of BDO International Ltd, a UK company limited by guarantee, and
form part of the international BDO network of independent member firms. Liability limited by a scheme approved under Professional Standards Legislation (other than for
the acts or omissions of financial services licensees).
1414 DEGREES LIMITED | ANNUAL REPORT 17/ 18
Notes:
1414DEGREES.COM.AU
1414 DEGREES LTD
ABN 57 138 803 620
ADDRESS
Level 4, 81 Flinders St,
Adelaide SA 5000
POSTAL
GPO Box 2166,
Adelaide SA 5001
EMAIL
info@1414Degrees.com.au
PHONE
+61 8 8357 8273